ICAI Shares Standard Financial Statement Format for NPOs – Recommended from FY 2024–25

General
1

Accounting Standards Board (ASB) of ICAI has provided Format of Financial Statements for NPOs in absence of standard template for financial statements specially for society and trusts. The format is best practice and should be followed by NPOs specially society and trust as standard templates. You may consider introducing these from FY 2024-25 since audit process must be on.

The excel file providing the financial statements template is attached.

CS Sharad Bhargava

Excel File for Illustrative Financial Statements of NPOs.xlsx (1.2 MB)

1 Like
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Very useful update Sharad ! Thanks for sharing. Best

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Dear Sharad, I came to know that this format is recommendatory in nature. Kindly correct me in my understanding.

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Yes, you are correct, to be treated as presentation and rreporting best practise as I mentioned. Someday they will become mandatory. Better to adopt from this or if already drawn from next year. Since it is coming from ASB, ICAI, many auditors are asking their NGO clients to draw in these formats.

CS Sharad Bhargava

5

This template only has a P&L sheet. This isn’t relevant to Non-profits. Is this the NPO sheet or for companies?

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The sheet is titled P&L but is actually the I&E template for nonprofits i.e. society, trust or section 8 company.

CS Sharad Bhargava